In a continuation of the near straight‐line flat return over the first quarter 2011, investors received little surprise during the April period. The Fund advanced +2.42%, slightly under-performing the benchmark MSCI EME +3.68%, while convincingly beating the Russian Stock Market (MICEX), which declined ‐3.20% for the month. Since calling the market bottom in March of 2009, investors are now up +218.24%
in a little more than two years (chart on the next page), significantly higher than all meaningful indices.